Increase in interest in gaming and gaming devices, rapid increase in the number of e-sports orgs and content creators, and easier access to gaming devices drive the growth of the global gaming gadgets market.
PORTLAND, Ore., Aug. 29, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gaming Gadgets Market by Gadget Type (Console, PCs and Laptops), by End Use (Residential, Commercial), by Age Group (below 20, 21 to 35, 35 and above), by Distribution Channel (Specialty Stores, Independent Retailers, Online Sales Channels, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global gaming gadgets industry generated $52.70 billion in 2021, and is anticipated to generate $166.96 billion by 2031, witnessing a CAGR of 12.7% from 2022 to 2031.
Prime determinants of growth
Increase in interest in gaming and gaming devices, rapidly increasing number of e-sports orgs and content creators, and easier access to gaming devices drive the growth of the global gaming gadgets market. However, integration of newer technologies into these gadgets also substantially raises the price of the devices, which may hamper customer purchase decisions, thus can restrict the market growth. Moreover, inclination of businesses toward cost-effective gadgets, strong growth in research & planning, and emerging technological infrastructure are expected to present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global gaming gadgets market, owing to the growing interest in gaming and gaming devices among consumers during the lockdown.
- However, the global gaming gadgets market was obstructed operationally, economically, and socially during the pandemic. The industry remained under huge pressure due to several factors such as disruptions in the supply chain, low human resources, and less production capacity.
- Nevertheless, in the post-pandemic period, the market recovered quickly.
The Commercial segment to maintain its leadership status throughout the forecast period
Based on end use, the commercial segment held the highest market share in 2021, accounting for more than half of the global gaming gadgets market, and is estimated to maintain its leadership status throughout the forecast period. Several content creators and entrepreneurs have come together in order to create organizations called e-sports orgs that are solely dedicated to gaming. This has led to an increase in the number of people who are entering into gaming content creation and e-sports, which, in turn, led to an increase in the sales of gaming devices. However, the residential segment is projected to manifest the highest CAGR of 13.3% from 2022 to 2031. The increasing interest in building custom PCs as a hobby and for personalized gaming experiences among consumers is leading to a heavy increase in sales for residential gaming devices.
The 21 to 35 segment to maintain its lead position during the forecast period
Based on age group, the 21 to 35 segment accounted for the largest share in 2021, contributing to nearly half of the global gaming gadgets market, and is projected to maintain its lead position during the forecast period. Most of the consumers in the 21 to 35 age group grew up playing video games, and are associated with an ease and comfort from gaming, which helps propel the sales of games and gaming gadgets. Furthermore, due to the higher spending capabilities of consumers above the age of 25 to 27, there is a greater spending on consoles, PCs, or both. Moreover, the below 20 segment is expected to portray the largest CAGR of 14.2% from 2022 to 2031, due to the rise in popularity of gaming in the younger generations.
The Specialty Stores segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the specialty stores segment held the highest market share in 2021, accounting for nearly half of the global gaming gadgets market, and is estimated to maintain its leadership status throughout the forecast period. Specialized stores can focus on a specific product range that allows store owners and employees to build expertise and a reputation for knowledge and variety in the store's chosen specialty, which drives the segment. However, the online sales channels segment is projected to manifest the highest CAGR of 16.8% from 2022 to 2031, owing to increased internet penetration.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global gaming gadgets market and is expected to lead the trail in 2031. Moreover, the same region is expected to witness the fastest CAGR of 13.2% from 2022 to 2031. This is attributed to the market setting the global standard for social features in games, such as in-game communication, friendship or mentorship systems, leaderboards, and player versus player (PvP) modes. The report also analyzes North America, Europe, & LAMEA.
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Leading Market Players: -
- Corsair
- GIGA-BYTE Technology Co., Ltd.
- HP Inc.
- LENOVO
- MICROSOFT
- Micro-Star INT'L CO.
- Nintendo
- RAZER
- Sega
- SONY CORPORATION
- Dell Technologies Inc.
- Acer Inc
- ASUSTeK Computers Inc.
- Atari,Inc, valve corporation
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